Holden Associates – Accountants & Business Advisers Blog

Recent research by Enterprise Nation shows that over five million people are working from home after finishing their ‘normal’ day jobs.

With modern technology, like that provided by WinWeb, it is easier than ever to launch your own business while still in full-time employment.

The benefit of starting a business while still working full or part-time means you avoid the terrifying prospect of plunging into an uncertain world without that safety net of a regular pay cheque.

Setting up a business in the evenings is not easy though, it is all about getting the balance right. You have to be able to turn those few hours before bedtime into productive and profitable work. Remember, whatever the business, it must be able to carry on during the day more or less without you.

Of course, with the internet, email and the latest mobile telephone technology it is possible to keep an eye on your business, whether it is calls or messages coming in from potential customers while you are on your work breaks, but remember you will struggle to match the service levels offered by people running their businesses full-time, although this can be aided with the use of Virtual Assistants, if money permits.

You need to ask yourself before you start any new business from home whether you are setting up a business that you intent to grow into your full-time job or one that will just give you a boost in income and stay as a part-time/evening/weekends venture.

To help you get started, here are some questions you need to ask yourself:

What kind of business should I set up

• Do you turn a hobby into a business idea?
• What about your skills, do you have the skills required to run a business or can you afford to buy them in?
• How much time do you want to devote to this venture?
• Will you have enough time to do it properly?

Do people really want it

• Once you have your business idea ready to go, do your market research. Ask yourself:
  Who are you trying to sell your product/service to?
  Is your target market office workers, busy mums, professionals or other small business owners, go out and speak to them.
• Ask them outright:
  Would they buy your product?
  Do they need it?
  How much would they pay for it?

If you find nobody is interested in what you are trying to sell before you have even started, it is probably time to think again, and think yourself lucky you found out before you waste further money, time or effort on it.

Create a space for your business

Successfully running a home based business means having an area that is set aside for your work, a designated ‘My Business Limited’ workspace. Distraction like the TV need to be switched it off, unless you can work properly while it is on, I know I can’t!

If you don’t have the luxury of a spare room to convert into your workspace, find an area in a room that is separate from where the rest of the family are trying to watch the TV you are trying to turn off.

Also, think about your existing commitments in the evenings, are you the designated driver in the family, do you have a busy social life, if so, then this is going to affect how much time you have to create your business.

Managing your time – business and personal

It’s easy when focusing on your new business in the evenings to neglect family and friends, so decide in advance when you are going to spend time with loved ones and friends, and stick to it. The same goes for dedicating time to the new venture.

Marketing, by any means

The key to the success of any business is simple, find something people want and then make sure they all know you have it. Your product or service could be exactly what people are crying out for, but, if they don’t know you exists ……….. get the gist!

A website is essential in this day and age to any business, so get your business online at the start. You also need to find out where your potential audience is browsing, as these websites are often the ideal places to start getting your message across.

What about a blog, twitter an interactive forum?

Be professional

Just because you are running a part-time business you don’t need to give the impression you aren’t taking it seriously. Remind yourself on a regular basis that this is a business and people expect to be treated with the efficiency they would experience if dealing with a large organisation, remember small is the new big.

And finally

Above all, enjoy it, business should be fun!